Yes it will if you first enter all of your income and adding the Roth contribution is the last thing that you do.
"Will it allow for that excess to be corrected?" yes, if you, in fact have the excess returned as a "return of contributions" from the financial institution that has your IRA. You tell TurboTax that the excess has been removed so a penalty is not applied and the excess does not carry forward. You will also receive a 1099-R from the account trustee for the year that the excess was removed.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
